Sigma Bands MT4 Indicator

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Sigma Bands – indicator for MetaTrader 4

In essence, this is an advanced version of the Bollinger Bands

Specifically, in this indicator I have studied the movement of the price for a certain number of bars (BarsCount = 200). For this purpose, the MA with a period of 1 was used (MAPeriod). For that matter, any MA and any number of bars could have been used for analysis. As a result, two channels will be plotted. One displays the limits where the price ranges 68% of the time for the specified number of bars. The other shows the limits where the price ranges 95% of the time for the specified number of bars.

The Sigma Bands with the default parameters is almost identical to the Bollinger Bands with the same period, equal to BarsCount. But this version has the ability to plot Bollinger Bands not only with any period by changing the BarsCount,but also to plot is based on the selected MA type with any period.

Supported MA types:

  • Simple MA
  • Exponential MA
  • Smoothed MA
  • Linear-weighted MA

Prices that can be used for plotting the channel:

  • Close price
  • Open price
  • The maximum price for the period (High)
  • The minimum price for the period (Low)
  • Median price (high + low)/2,
  • Typical price (high + low + close)/3
  • Weighted close price (high + low + close + close)/4

All these settings are not available for the standard Bollinger Bands.

By learning how to determine the limits where any indicator or price ranges most of the time, I eneded up with making an example of calculating the standard deviation and Sigma implemented as this indicator. Its formulas can now be adapted for any indicator you like. Sometimes, interesting results can be obtained for indicators that are plotted in separate windows, for example, the RSI, TVI or others.

Recommendations:

The difference between conventional Bollinger Bands and Sigma Bands can be seen only when using non-default settings and MAPeriod > 1.

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Sigma Bands MetaTrader 4 Forex Indicator

Sigma Bands MetaTrader 4 Forex Indicator is another version of the Bollinger Bands.

This Sigma bands indicator have movement of the price for a certain number of bars (BarsCount = 200). In this reason, the MA with a period of 1 was used (MAPeriod). The 2 channels will be plotted. One displays the limits where the price ranges 68% of the time for the specified number of bars, and the other one shows the limits where the price ranges 95% of the time for the specified number of bars.

This Sigma bands version has the ability to plot Bollinger Bands not only with any period by changing the BarsCount, and also to plot is based on the selected MA type with any period.

Supported MA types:

  • Simple MA
  • Smoothed MA
  • Linear-weighted MA
  • Exponential MA

Prices which can be used for plotting the channel:

  • Close price
  • Open price
  • Median price (high + low)/2,
  • Typical price (high + low + close)/3
  • Weighted close price (high + low + close + close)/4
  • The maximum price for the period (High)
  • The minimum price for the period (Low)

The settings above are not available for the standard Bollinger Bands.

Sigma Bands MT4 Indicator – Download Instructions

In order to transform accumulated history data, you need to install a MetaTrader 4

Sigma Bands – it is a MetaTrader 4 indicator that allows you to detect several changes and dynamics in price that many traders can’t estimate or see without an indicator, which highlights its essence and usage.

Accordingly, traders can draw conclusions and make estimates about how the prices will change based on the information they have and then they can modify their strategy for better trading.

How To Install Sigma Bands MT4 indicator for MetaTrader 4.mq4?

Download indicator for MetaTrader 4.mq4
Copy Sigma Bands MT4 to Directory / experts / indicators /
Start or restart your Metatrader 4 Client
Select Chart and Timeframe where you want to test your mt4 indicator
Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
Right click on Sigma Bands MT4 for MetaTrader 4.mq4
Attach to a chart
Modify settings or press ok
Indicator for MetaTrader 4.mq4 is available on your Chart

How to remove Sigma Bands MT4 Indicator for MetaTrader 4.mq4 from your Metatrader 4 Chart?

Select the Chart where is the Indicator running in your Metatrader 4 Client
Right click into the Chart
“Indicators list”
Select the Indicator and delete

Questions about this indicator? Ask our community

Download Sigma Bands MetaTrader 4 Forex Indicator

Sigma Bands indicator for MT4 (WITH INDICATOR DOWNLOAD)

Sigma Bands Indicator For MT4 on a trading chart

What is Sigma Bands Indicator For MT4 ?

The Sigma Bands Indicator For MT4 is a trend indicator. It is commonly viewed as an advanced version of the Bollinger Bands indicator due it its range of options.

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Compared to the Bollinger Bands which only plots three-band lines, the Sigma Bands Indicator For MT4 plots five-band lines. This makes it more reliable and dependable.

It is normally based on the Simple Moving Average, exponential moving average , and Liner-Weighted Moving Average.

Looking at the above chart, you can see the five bands, all with different colors for easy interpretation. Starting from the topmost which is blue, followed by the green and the red at the center. The blue and the green band lines are in pairs forming channels.

Customizing the Sigma Bands Indicator For MT4

Depending on your trading strategy and the background color of your trading chart, you may be forced to change some of the default parameters of the Sigma Bands Indicator For MT4 . Actually, it is very easy to customize this indicator.

To start with let us start with the color of the band lines. You could have your trading chart background color set to another color that is very close to the colors of the band lines that are plotted by the indicator and you will have to change the color of the band lines so that they can be easily visible. To do so, you just right-click on any of the band lines and click on the Sigma Bands Indicator For MT4 properties.

Viewing Sigma Bands Indicator For MT4 properties when you have already loaded in on the chart

This will take you to a dialog box where you can customize the indicators inputs, color, and visualization. To customize the colors, click on the colors tab. You shall be directed to a window like the one below.

Customizing the colors

You can change the colors to whatever colors you want. However, it is advisable that the lines that are piloted as blue and green by default are given the same colors even when you change the color. This is so as to make it easy to identify the channel.

It is also worth noting that there are two color inputs that are set as none; these two do not interfere with the visualization of the bands and are therefore of no importance and will not affect anything if you set them to any color.

Depending on the trading strategy, you could also want to change some of the inputs of the indicator. To do so, click on the inputs tab. You shall be directed to a dialog box as below.

Customizing the inputs

The Sigma Bands Indicator For MT4 is one of a kind since other than the MA Periods, the Bars for count Sigma, the applied price and MA color, you could also choose the type of moving average you would like to apply. If you click on the Exponential MA, which is normally the default Moving Average applied, you shall see a drop-down of other four Moving Averages from which you can choose from like in the below chart.

Choosing the type of moving the average to apply

By changing the MA period, the bands either shift up or down the chart. However, the default value used for the MA Period is the best since it brings the bands close to the candlesticks/bars.

The Bars for count sigma is used for refining the signals. The lower the value, the more refined the signal that is given.

Sigma Bands Indicator For MT4 with the bars for count sigma set to 20

The maximum advisable value for the bars for count sigma is normally the default value of 200. Above this value, the signals will not be very accurate and easy to interpret.

Interpreting the Sigma Bands Indicator For MT4

As mentioned earlier, the Sigma Bands Indicator For MT4 is a trend indicator. Therefore, it is normally used for identifying the trend of the market.

Just like the moving average, the bands of the Sigma Bands Indicator For MT4 normally follow the trend of the candlesticks. If the bands are moving downwards, then the prevailing trend is bearish. On the other hand, if the bands are moving upwards, then the prevailing trend is bullish.

In our examples, we shall use the sigma bands with the bars for count sigma set at 20.

  • When to place buy

You can only place a buy when you are certain that the prevailing market trend is bullish. Furthermore, the bullish trend has to be strong and it should not be at its ‘dying minutes’. You have to strike when the nail is hot. You have to act just when the trend starts.

To do so, you have to wait for the bands of the Sigma Bands Indicator For MT4 to all turn upwards. Then, the candlesticks should form above the red center line. However, you should avoid placing an order using the candlestick that has crossed the red line; instead, wait for the first candlestick that shall start forming above the red line

Placing and closing a buy order using the Sigma Bands Indicator For MT4

To close the buy order, you should wait for the candlesticks to cross the red center band line moving downwards.

  • When to place a sell

You can only place a sell when you are certain that the prevailing market trend is bearish. Similar to when placing a buy, the bearish trend has to be strong and it should not be at its ‘dying minutes’. You have to strike when the nail is hot. You have to act just when the trend starts.

To do so, you have to wait for the bands of the Sigma Bands Indicator For MT4 to all turn downwards. Then, the candlesticks should form below the red centerline. However, you should avoid placing an order using the candlestick that has crossed the red line; instead, wait for the first candlestick that shall start forming below the red line.

Placing and closing a sell order using the Sigma Bands Indicator For MT4

To close the sell order, you simply wait for the candlesticks to cross the red center line moving upwards.

NB: You should avoid trading when the market is in not trending. During such times the bands of the Sigma Bands are very close to each other.

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